prepare a monthly grocery list and make total bill of it with estimated cost of each item then find out the fraction of amount used from total for each item
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Step-by-step explanation:
if opening inventory is $10 000 and purchases amount to $7500, and the closing inventory (which is also the beginning inventory for the next month) is $9000, then the basic cost of food is:
cost of food = opening inventory + purchases − closing inventory
= $10 000 + $7500 − $9000
= $17 500 − $9000
= $8500
The value of the inventory is the critical component in deriving an accurate cost figure from the basic formula given above.
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